LONDON (dpa-AFX) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) has signed a renewable power purchase agreement to supply its Gladstone operations in Queensland, Australia, agreeing to buy the majority of electricity from Windlab's planned 1.4GW Bungaban wind energy project. The Group will buy 80% of all power generated from the Bungaban wind energy project over 25 years. Rio Tinto noted that the PPA is the second renewable power deal signed for its Gladstone operations.
Once approved, construction of the Bungaban project is targeted to start in late 2025 and is anticipated to produce electricity by 2029.
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